If an individual or entity is removed or added as a trustee of the fund, what additional reporting is required?
Where an individual is added or removed, you will be required to report this information to the Australian Taxation Office (ATO) regarding their position as trustee or director of the corporate trustee, along with their membership status within 28 days of the change. Failure to comply could result in administrative penalties being applied by the Regulator.
Where a trustee company is appointed or removed, you will also need to report this information (including changes to directors) to the Australian Securities & Investment Commission (ASIC) within 28 days of the change. Failure to comply will result in late lodgement penalties for the company.